Connect with us

Altcoin

Did Donald make Polygon [MATIC] triumph over other cryptocurrencies?

Published

on

Did Donald make Polygon [MATIC] triumph over other cryptocurrencies?
Source: StockAI


  • Polygon outperformed other major protocols in terms of daily active users.
  • It witnessed a spike in NFT activity as well, which could be attributed to the launch of an NFT collection by Donald Trump.

New data by Token Terminal revealed that the number of daily active users on Polygon’s [MATIC] network grew rapidly over the past few days, outperforming popular protocols such as Arbitrum, Optimism [OP], and Solana [SOL].


Read Polygon’s [MATIC] Price Prediction 2023-24


Polygon users get active

The data suggested that the number of users on Polygon grew steadily after September. However, the number of users on Solana declined during the same period. Even though Arbitrum and Optimism observed growth, it wasn’t enough to compete with Polygon.

One reason for Polygon‘s increasing network activity could be its growing number of technical developments.

In a recent tweet made by Bobbin Threadbare, a developer working on the Polygon technology, it was mentioned that new hash functions were being worked upon. These hash functions would improve the state of zero-knowledge proofs on Polygon and improve the time taken for each transaction to complete.

Despite these developments, Polygon’s price action saw little movement in either direction.

The price for Polygon plummeted by 39% from 7 – 21 November. After this, the price tested the $0.95 resistance and continued to fluctuate within the $0.87 and the $0.95 range. 

The high CMF of 0.10 indicated a positive outlook for MATIC. However, the declining revenue hinted that the momentum was still with the buyers at the time of writing.

Source: Trading View

One factor that could regenerate interest in Polygon and could help MATIC’s prices could be Polygon’s activities in the NFT sector.

The Trump card

In a recent update, Sandeep Nailwal, the co-founder of Polygon, announced that the former president of the USA, Donald Trump, launched his NFT collection on the Polygon network. This development could bring more attention to the Layer-2 solution. 

At the time of press, 45,000 Trump NFTs were minted, according to data by Dune Analytics. The hype around the new Trump NFT collection, along with the success of the previously launched Reddit Collectibles, could help improve the state of Polygon’s NFT activity.

Due to multiple developments on the NFT end, Polygon’s weekly NFT marketplace transactions increased significantly over the past two weeks.  

Source: Dune Analytics

However, it remains to be seen whether these positive developments will impact Polygon’s growth in the long run. 

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.